Northwest FCU is offering a checking account bonus of $110. The first $10 is deposited into your new checking account on day of checking account opening. You will receive $100 bonus when you open a checking account with three consecutive payroll direct deposits of at least $500 received by NWFCU between 9/1/2010 and 1/31/2011. There's also a chance to win $1,000. Please refer to NWFCU's promotions page for the full details. The offer is scheduled to end on November 30, 2010.
Many readers who had joined in the past for NWFCU's competitive certificates may find this to be a fairly easy bonus. Unfortunately, NWFCU's CD rates are not nearly as competitive as they used to be. As of 9/06/2010, the top 5-year CD yield is 2.63% APY for a $100K minimum. They have a nice 2-year add-on CD, but this yield has gone down quite a bit. It's currently only 1.36% APY.
In addition to select employer groups, credit union membership is open to members of the American Consumer Council (ACC). According to the credit union's Who We Serve page:
If you find you are not eligible to join NWFCU via the relationships defined above, we can approve your membership with automatic enrollment in the American Consumer Council, an organization dedicated to consumer education, awareness, and economic growth. This nonprofit advocacy group was established in 1987 to ensure and protect consumers. There is no cost for you to join, nor additional paperwork. Simply select "I work for a member company or an organization" then choose "ACC" from the list of eligibility options on our membership form.
Membership requires a minimum deposit of $5 into your share savings account.
NWFCU's branches are located in the Virginia cities of Manassas, Chantilly, Herndon and Vienna. You can also use shared branches for making deposits, withdrawals and for other services.
The credit union has an overall health score of 4 out of 5 with a Texas Ratio of 6.64% at DepositAccounts.com. This is based on June 2010 NCUA data. Please refer to our financial overview of Northwest Federal Credit Union for more details. NWFCU is federally insured by the NCUA (Charter # 5500).
Other Checking Account Bonuses
To find other bank bonus deals, please refer to the bank bonus page which has all of my recent bank bonus posts.